owner lease purchase

[bernieh48]

Hi my husband and I are looking for an owner who would be willing to purchase a certain truck for us. It is one that is on truckpaper.com and is a columbia model being sold by Scott Little field. We are a husband and wife team with 12 yrs exp. in the expediting business. We are currently on with Conway Now and love it. Running great. We are with an owner now that does lease purchases and have talked to him about this truck, but he only buys Alumibunk trucks. This is a great deal on a really nice truck. Long term moeny to be made. We know the freight lines and how to make serious money. We stay our for long periods. For 2 years we even stayed out a whole year at a time only coming home for new years. I am new to this web posting area. Hope everyone is having a good Easter and running great. Thanks and God Bless. Please call Allen or Bernie if you can help.Or e-mail. 352-438-7120 cell or e-mail [email protected]

 

[tec1959]

Bernie hi,I just want to start off and say alot of O/O's here and on other forums have had a bad time and ripped off and lost alot of money by doing a lease purchase with their drivers.I'm not here to shut down your dream at all,But i'll ask if you and your hubby run hard and make alot of money and the biz so well why can't you guys get into the truck you want on your own.I know alot of ppl will ask the same question,Just asking the truck you like looks great and yes it looks like a great price for it...Well good luck and hope you see your dreams come true...

 

[bernieh48]

Well there are two sides to that debate too. We also have been ripped off of lots of money by doing a lease purchase. We were in one we were buying for about 2 years, doing fine almost paid it off, so we thought. We took it to Orlando Freightliner just for an oil change and some routine mait. and they proceded to repo it. When we thought the owner was making the payments she wasn't and then she used our money to take of for Germany.
We can't get the financing becaue both of us have x'es that ruined our credit. We had payments of more than $3000 and had no problem so we know we can do it and make an owner money in the meantime. Thanks for the post though.

 

[DocRushing]

Bern:
Will you please post the name of the previous owner -- the one who ripped you off?
You can do a very big service to others by warning those who might consider doing business with that person.
Best wishes,
Doc.

 

[tec1959]

Bernie hi you just made may point,Its a very bad deal all around for really both parties.Its only a good deal when you find someone that you trust and that they trust you.Lease purchase is really in my view a very bad deal because of the moneis that can be lost,But don't stop there is alot of great O/O's and teams out there that just need to hook up with each other...Again good luck...

 

[bernieh48]

I really do not wish to post names. I prefer to keep it private. The owner is no longer in the business anyway. Thanks for the thought though.

 

[bernieh48]

Thanks but I know how we run and know God will send someone our way to give us a chance.

 

[DocRushing]

Bernie:
I just told a small-fleet owner about you and Allen.
He may soon call you.
Good luck and best wishes,
Doc.

 

[bernieh48]

Thank you for giving that guy our info. He did call and is very interested. Thanks again.

 

[bernieh48]

Still looking for all possible options on lease purchase of that truck. Thanks

 

[Tennesseahawk]

I've been thru what you have, with the lease purchase thing that went sour. Because we're getting ready to litigate, I can't say more than that. I can give advice tho. ALWAYS have it in your contract that 100% of the money you pay goes directly towards paying off the truck! ALWAYS put in the contract that you are entitled to a statement from the the owner's financing company showing how much went towards the truck and what the balance is. And ALWAYS have a lawyer go over the contract BEFORE you sign it.

Having said that, I'd like to say a few words about the truck you're looking at. I wish you luck on finding someone to finance it for you, but I doubt you will. $128k is kinda steep to pay on an unproven team. That much money could buy 3 to 4 decent trucks. Unless you can match the income of that many trucks, I doubt you have much of a chance to find someone who will buy it for you. Find someone who has a decent truck with a larger sleeper and go from there. Drive for about a year, to prove your worth to that owner. Then see what he'll do as far as getting a truck for you. Good luck!

 

[bernieh48]

Well it almost sounds like you haven't bought a truck in a while. That is not steep at all. You can't even buy a new truck hardly anymore without shelling out over 100k for one. Many owners do it all the time. Our record with the company is open for anyone to see. I will show anyone my records to prove it. We have nothing to hide. Our current owner can even tell anyone how good we run. Our current owner has too many trucks now and can't do it for us. By you posting negative thought like that it will scare people away. But I know we will find someone. In the process of talking to one now so. It really aggravates me when people step in and try and bash everything someone tries to do. That all I'll say for now. Like I said we have nothing to hide and our record will speak for itself.

 

[jaminjim]

Well 126k for a NEW truck may not be real bad, no matter how many miles are on it, it is still used. The owner could go out and buy 2 very nice trucks for that amount of money and have double the income. I am not sure there was any bashing going on more like commenting on the deal. I think he was saying proving yourself to a new or different owner not that you are new, just new to an owner.

Dang, latley I seem to try and be the peace keeper.

 

[highway star]

T-Hawk was just giving you sound advice and telling you the way he saw the situation. Your responce to him was uncalled for. If your with an owner you trust now, why not get a truck he is willing to lease to you and then work your way up to a nicer truck. You may consider this "bashing" you because it's not what you want to hear, but I assure you that is not my intent.

 

[Tennesseahawk]

Don't know what you got from my post that you think is negative. Usually, ppl have to start in the mailroom before they can become CEO. If I had $128k to spend, it wouldn't be on one truck for one team, no matter how good the team. It's not a bash on you, it's an opinion.

I've tried going the same route as you... find an owner to finance a truck for us, tho the truck we were looking at was $33,000. No dice there. We had to go with what someone already had. As we look at it, it's a stepping stone to something better. After rushing to get a lease-purchase I regret, I'm practicing patience. And with this post, all I'm trying to do is get across some advice that I learned from that lesson.

Back to negativity... this isn't the place to find roses and rainbows. Most on here have a very strong opinion on how things work in expediting. Don't be so thin-skinned by thinking we're attacking you or your opinion. You asked a question and I answered it the best way I knew how.

Welcome to EO

 

[davekc]

I have to agree with some of these comments. Why would a owner want to make a 128,000 investment with bank rate returns, and carry all the risk? As a owner, it doesn't make sense to absorb that kind of risk on one truck unless they are driving for you.
Your past has little to do with it. It is the assumed risks.
Just some obvious reasons are;
What happens if you fall ill? Who is making those payments?
What happens if you wreck or involved in a accident?
Worse yet, the truck is totalled. The value is not 128,000. Who is going to pay that difference. The owner is on the hook. Why would a owner take that kind of risk for a much smaller percentage?
$128,000 on a used truck? Not likely. If it is used, and was $150,000 new, it is worth much less than 128,000 now even at one year of age.
Sorry, it isn't being negative, it is just sound business that in this case isn't in your favor.









Davekc
owner
21 years
PantherII
EO moderator

 

[guest]

I have to Agree with DaveKc. The owner has alot more to lose, try finding someone that is wanting out of Expediting and offer to take over there payment's. Tell them you will put $5000.00 Down, if you have that kind of money saved. And write up an agreement that you will send the payment to them each month made out to the company that has the note on the truck. That way you will know that the payment is being made on time. The truck remains in there name until its paid off and all you do is make the payments and buy plates for it each year. Hope this helps.


Drive safe

Dave Mayfield
FEDExCC/Roberts express O/O Since 3/1/1995
C1847,C2045,D3397,

 

[bernieh48]

You know I haven't talked bad to anyone on here. It just seems everyone wants to put my idea down. To me if your not interested yourself then stay out of it. This is so typical of open forums like this. I never went into any details about doing a lease purchase. I would not expect any owner to just buy a truck at $128k and not 1. have a contract and 2. put money down on one. That's crazy. You people seem like you have nothing better to do but bash someone's idea's. When I replied earlier to Tennessehawk I was trying to bve nice, but it seems like that is impossible on here. If all of you want to buy junk trucks for $33,000 then be my guest. I can stay driving for my current owner if nobody is interested in buying that truck for us. We are making great money and just thought we would like to make an owner money and help ourselves too. And in my opinion the owner would not be out anything because we would be paying everything. He wouldn't have to worry about the payments because the lease with Conway would be in the owners name and he would recieve all the settlements, make the truck payments and keep his 15% and then deposit what's left for us. So see it's not a big deal for the owner. He would have complete control over watching what the truck does. And even if by God something happened and we weren't running good or quit he would still have a great truk to put regulars driviers in and pay them 50 to 60%. So I don't see where it's that big of a risk. Everything inlife now is a risk. Like I also said earlier I can't back up everything We have done and everything I have said. I am not afraid to show my truck records. They tell the whole story. So please if your not interested in doing this for us then politely butt out. I have been in this business long enough and know what I'm doing. Thanks and God Bless.

 

[greg334]

After reading this thread, I don’t doubt that you would be a good leased owner/operator – driver and that you would not have a problem paying things off. But you know this is not about putting you down with this idea.

Many of us learned hard lessons in business and in some ways it is helpful to hear opposing points of views or what looks like people passing judgment on your idea. Sometimes hearing things you don’t want to hear can seem harsh or outright mean but remember some of the comments made are from people who did what you want to do and got screwed. Your benefit is not hearing that it can be done or yes I will do this for you but rather your benefit is learning from others who share, albeit sometimes reluctantly, their grief with their situation so you can avoid the pitfalls of ownership. Pretty much learn by others mistakes. As much as you may think it is horrible that people think this way, it is actually a great thing when you think about it, I mean if you ever been around ‘yes’ people – it seems messages are twisted, ideas and thoughts are stifled and nothing is ever accomplished to help everyone involved.

I have learned a long time ago that regardless how much you think you know enough, there is always more to learn.

As for $33K being junk well that is a matter of opinion, I think $128K is way too much to pay for a truck to do this work but again I drive a $10K van so who am I to say anything.

I wish you luck in finding someone to work with and keep it in mind if I run across someone.

 

[bernieh48]

Well yes I do understand that these people are just trying to help, but they are not doing that. As I have said before we have been screwed by a lease purchase program with a bad owner. But I am a firm believer that you can't judge everyone by the same standards. All I'm saying is that I have heard everyone's advice and I think it's time for them to butt out. As for $33,000 truck being junk, you drive a van and a srtaight truck for that price is junk no matter how you look at it. I don't want something that is going to break down all the time.